De Beers' $2.3 billion write-down drags Anglo American to $3.7 billion net loss

This marks the third such reduction in three years, highlighting persistent challenges in divesting the unit. The company reported a roughly $500 million underlying earnings loss for De Beers in 2025.

Factors contributing to the decline include sluggish economic growth in China and the increasing popularity of lab-grown diamonds, particularly for engagement rings. Previous write-downs include $2.9 billion in February of the prior year and $1.6 billion in 2024.

Anglo American confirmed it is proceeding with the separation of De Beers. The overall company reported underlying earnings before interest, taxes, depreciation, and amortization of $6.4 billion for the past year, with a net loss of $3.7 billion, which includes the significant De Beers impairment.